FCA: We are primed for robo-advice

The Financial Conduct Authority (FCA) has laid the groundwork for firms to come to market with ‘robo-advice' models, its director of strategy and competition Chris Woolard has suggested.

Firms are exploring ways to deliver regulated advice "more cheaply, efficiently and effectively" by employing a "mixture of technology and human beings", and the regulator has smoothed a path for them to do so, Woolard said. Late last year, the FCA launched Project Innovate, a scheme inviting businesses, both regulated and unregulated, to introduce innovative financial products and services to the market. Unlike in the US, few 'automated' advisory models exist in the UK. Speaking during a webcast hosted by PricewaterhouseCoopers (PwC) earlier this week, Woolard said: "There's a que...